KUALA LUMPUR: The Malaysian equities benchmark rose further in Wednesday morning trade, Nov 10 after reaching an all time high on Tuesday despite an overnight decline at Wall Street.
Analysts said the FBM KLCI of 30 blue chip stocks would be supported by fund flows from developed to emerging markets. Anticipation of a good financial reporting season this month, besides rotational plays and robust trading volume on the local bourse would also sustain the benchmark, they said.
"On Wall Street, we reiterate our view that after hitting a two-year high last Friday, accompanied by the deteriorating technical indicators, the Dow is expected to continue its profit-taking consolidation to neutralise its overbought positions," Hong Leong Investment Bank head of research Low Yee Huap wrote in a note to clients.
At 9.32am, the FBM KLCI rose 2.4 points to 1,528.93. Across the bourse, some 279 million shares worth RM226 million changed hands. There were 258 gainers versus 138 decliners.
The most active stocks included stockbroking firms TA ENTERPRISE BHD [], and OSK HOLDINGS BHD [], deemed proxies to a better performance across stockmarkets. TA rose one sen to 81 sen with about 21 million shares done, while OSK climbed two sen to RM1.93 with about 13 million shares traded.
Among top gainers, bourse operator BURSA MALAYSIA BHD [] was up eight sen to RM8.53. Nitrile glove producer HARTALEGA HOLDINGS BHD [] had also not escaped the limelight as high natural rubber prices, prompt demand for nitrile gloves. The stock rose six sen to RM5.59.
On Tuesday, the FBM KLCI reached an all time intraday high of 1,526.67 points before finishing lower at 1,526.53, a record close as well.
Among Asian stock indices this morning, Japan's Nikkei 225 soared 1.3% to 9,824 .29 points, South Korea's Kospi added 0.6% to 1,958.38 while Australia's S&P/ASX 200 fell 0.02% to 4,739.8.
Nearer to home, Indonesia's Jakarta Composite surged 1% to 3,737.48, possibly due to better sentiment following US President Barack Obama's visit to the country. Singapore's Straits Times fell 0.4% to 3,300.77. Elsewhere, Taiwan's Taiex rose 0.15% to 8,458.14, while China's Shanghai SE Composite was unchanged at 3,135.00.
The ringgit was traded weaker at 3.0977 against the US dollar. Crude oil futures in the US traded near US$90 (RM279.05) a barrel while spot prices for gold fell to US$1,398.60 an ounce. Gold prices had hit a high of US$1,424.60/oz on Tuesday.
Analysts said the FBM KLCI of 30 blue chip stocks would be supported by fund flows from developed to emerging markets. Anticipation of a good financial reporting season this month, besides rotational plays and robust trading volume on the local bourse would also sustain the benchmark, they said.
"On Wall Street, we reiterate our view that after hitting a two-year high last Friday, accompanied by the deteriorating technical indicators, the Dow is expected to continue its profit-taking consolidation to neutralise its overbought positions," Hong Leong Investment Bank head of research Low Yee Huap wrote in a note to clients.
At 9.32am, the FBM KLCI rose 2.4 points to 1,528.93. Across the bourse, some 279 million shares worth RM226 million changed hands. There were 258 gainers versus 138 decliners.
The most active stocks included stockbroking firms TA ENTERPRISE BHD [], and OSK HOLDINGS BHD [], deemed proxies to a better performance across stockmarkets. TA rose one sen to 81 sen with about 21 million shares done, while OSK climbed two sen to RM1.93 with about 13 million shares traded.
Among top gainers, bourse operator BURSA MALAYSIA BHD [] was up eight sen to RM8.53. Nitrile glove producer HARTALEGA HOLDINGS BHD [] had also not escaped the limelight as high natural rubber prices, prompt demand for nitrile gloves. The stock rose six sen to RM5.59.
On Tuesday, the FBM KLCI reached an all time intraday high of 1,526.67 points before finishing lower at 1,526.53, a record close as well.
Among Asian stock indices this morning, Japan's Nikkei 225 soared 1.3% to 9,824 .29 points, South Korea's Kospi added 0.6% to 1,958.38 while Australia's S&P/ASX 200 fell 0.02% to 4,739.8.
Nearer to home, Indonesia's Jakarta Composite surged 1% to 3,737.48, possibly due to better sentiment following US President Barack Obama's visit to the country. Singapore's Straits Times fell 0.4% to 3,300.77. Elsewhere, Taiwan's Taiex rose 0.15% to 8,458.14, while China's Shanghai SE Composite was unchanged at 3,135.00.
The ringgit was traded weaker at 3.0977 against the US dollar. Crude oil futures in the US traded near US$90 (RM279.05) a barrel while spot prices for gold fell to US$1,398.60 an ounce. Gold prices had hit a high of US$1,424.60/oz on Tuesday.
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